Ekf Diagnostics Regulatory News (EKF)

19 Apr 2006 07:00

Embargoed: 19th April 2006, 07:00hrs International Brand Licensing Plc ("IBL" or the "Company") Final Results to the year ended 31 December 2005 Chairman's StatementHighlights: * Turnover for the year ended 31 December 2005 increased by ‚£1,026,000 to ‚£ 3,261,000 (2004: ‚£2,235,000) * Profit on ordinary activities before tax improved by ‚£1,482,000 to a profit of ‚£977,000 (2004: loss of ‚£505,000) * A gain of ‚£475,000 was made on the sale of the Mountain Equipment trademarks * Record sales of England replica kit and substantial growth opportunities ahead For the year ended 31st December 2005 I am delighted to report a substantialturnaround in the Group's fortunes. 2005 was a year of consolidation, cuttingoverheads, improving gross margin, eliminating debt, and producing a full yearprofit for the first time in the Group's history.The 45% increase in turnover is attributable to the exceptional sales of theAdmiral England cricket replica kit that increased by 90% to a record level of‚£2,525,000 for the year. Boosted by England's tremendous Ashes win overAustralia, the Admiral brand enjoyed unprecedented visibility throughout theyear, and this continued unabated this winter, culminating in the marvellousthird Test victory over India in March 2006.With the return Ashes Series in Australia this winter, followed by the ICCCricket World Cup in the Caribbean and the India UK tour next summer, the levelof exposure that will continue to be generated for Admiral will further enhancethe profile and brand value for the future.Against a backdrop of difficult trading conditions in the UK retail sector thatfailed to recover through the year, Admiral sales at ASDA were some 15% down on2004. Certain product categories such as footwear and sports equipmentcontinued to perform well, but clothing suffered due to the heavy discountingthat plagued the UK market for much of the year. With the FIFA World Cup Finalsin Germany this summer we expect Admiral's first half clothing sales at ASDA toshow an overall improvement on 2005.In December the Company entered into a new strategic alliance with @miral BV,its licensee for Benelux, Germany, and Austria. As part of a new ten yearlicense agreement for this key central European territory, @miral will use itsextensive design, development, and marketing resources to develop seasonalprogrammes on an annual basis for IBL's network of international licensees.The Company continues to seek Admiral licensee partners in other majorinternational markets, particularly in several of the developing Asianeconomies where a significant amount of work has been undertaken. Negotiationsin certain markets are progressing well, and focus will continue to be appliedon untapped potential for the Admiral brand where opportunities for futuregrowth are substantial.IBL is now in a strong position to further enhance shareholder value. TheAdmiral brand continues to grow around the world, and as kit sponsors to theEngland and West Indies cricket teams we believe we have substantialopportunities in the years ahead. Your Board looks forward to the future withgreat confidence.ADAM REYNOLDSChairman19th April 2006For further information please contact:Adam ReynoldsPaul FoulgerInternational Brand Licensing plcTel: 020 7823 1733Katie Ratner/John PriorCorporate SynergyTel: 020 7448 4400Group Profit and Loss AccountFor the year ended 31 December 2005 2005 2004 ‚£000 ‚£000 Turnover 3,261 2,235 Cost of sales (1,286) (561) Gross Profit 1,975 1,674 Administrative expenses (1,402) (1,963) Operating Profit/(Loss) 573 (289) Exceptional profit on sale of intangible 475 -asset Interest receivable 6 - Interest payable (77) (216) Profit/(Loss) on ordinary activities before 977 (505)tax Tax on profit on ordinary activities (142) (84) Retained Profit/(Loss) for the year 835 (589) Earnings/(Loss) per ordinary share Before exceptional items - Basic 1.1p (1.9p) - Diluted 1.1p (1.9p) After exceptional items - Basic 2.5p (1.9p) - Diluted 2.5p (1.9p)Group statement of total recognised gains and lossesFor the year ended 31 December 2005 2005 2004 ‚£000 ‚£000 Profit/(Loss) for the year 835 (589) Exchange differences (236) 28 Total recognised gains and losses relating to the 599 (561)year Group balance sheetat 31 December 2005 2005 2004 ‚£000 ‚£000 Fixed assets Intangible assets 3,471 5,952 Tangible assets 9 15 3,480 5,967 Current assets Stock 252 217 Debtors 828 364 Cash at bank and in hand 283 109 1,363 690 Creditors: amounts falling due within one year (1,129) (3,542) Net current assets/(liabilities ) 234 (2,852) Total assets less current liabilities 3,714 3,115 Capital and reserves Share capital 333 333 Share premium 3,048 3,048 Merger reserve 244 244 Profit and loss account 89 (510) Shareholders' funds 3,714 3,115Group statement of cash flowsAt 31 December 2005 2005 2004 ‚£000 ‚£000 Net cash inflow/(outflow) from operating activities 111 (430) Returns on investments and servicing of finance Interest paid (80) (224) Interest received 6 - Taxation UK Tax paid (59) (198) Foreign taxes received 48 - Capital expenditure and financial investment Purchase of intangible fixed assets (37) (82) Capital Income Sale of intangible fixed assets 2,772 - Net cash inflow/(outflow) from capital expenditure 2,735 (82) and financial investment Net cash inflow/(outflow) before financing 2,761 (934) Financing Repayment of bank borrowing (2,563) (250) Issue of ordinary shares - 1,329 Less expenses of issue - (111) Net cash (outflow)/inflow from financing (2,563) 968 Increase in cash in the year 198 34The financial information set out in this announcement does not constitutestatutory accounts within the meaning of Section 240 of the Companies Act 1985.Statutory accounts for the period ended 31 December 2005, containing anunqualified auditors' report will be filed with the Registrar of Companies.The Directors do not propose a payment of a dividend.This preliminary statement was approved by the Board on 19 April 2006ENDINTERNATIONAL BRAND LICENSING PLC